Identity Theft Red Flags Rule

What is the Red Flags Rule?

The effective date for landmark identity theft legislation has passed. As of Nov. 1, 2008, financial institutions must comply with sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACTA). These Red Flag guidelines apply to “covered accounts” defined as: (1) an account primarily for personal, family or household purposes that involves or is designed to permit multiple payments or transactions, or (2) any other account for which there is a reasonably foreseeable risk to customers or the safety and soundness of the financial institution or creditor from identity theft.

Who is Impacted by the Red Flags Rule?

All financial institutions are required to have both written and operational identity theft prevention programs. Whether you are preparing for an upcoming deadline or staying current with the latest requirements, make informed decisions that expedite the process and maximize resources.

How Can Experian Help my Business Comply with the Red Flags Rule?

Smooth the path to meeting the requirements for Red Flags Rule compliance with helpful information sources and tools that can be integrated into your Identity Theft Prevention Program.

Additional Information

White Paper: A Planning and Preparation Resource

Identify opportunities to reduce costs, preserve positive customer experiences, satisfy regulatory requirements and detect fraud at the same time. Co-authored by Experian and Hudson Cook, LLP, this complimentary white paper and sample program serves as a resource for institutions at any stage in their process of complying with the Red Flags guidelines – even those that feel they are fully compliant.

The Red Flags that will apply to you depend on a number of factors, including: (1) the types of covered accounts you offer and how those accounts may be opened and accessed, and (2) your previous experiences with identity theft. In order to determine the applicable Red Flags, you must consider these factors, as well as various sources and categories of Red Flags identified in the Guidelines.

Read all FAQsFind answers to frequently asked questions in this comprehensive eight-page document. Developed jointly by credit experts at Experian and Morrison Foerster, worldwide leaders in financial legislation, this document answers questions about these, and other topics:

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